保險産業에 대한 바람직한 規制의 方向 —保險業法改正案에 대한 檢討를 겸하여—

This article reviews the factors contributing to the crisis in the worldwide sub-prime mortgage market and how such problems may be avoided in future, and discusses the changes in bank lending practices, the rise of collateralised debt obligations, the influence of mortgage brokers, the increased Government incentives for banks to take financial risks. Under these situations, this article explores what kind of the normative directions of insurance industry could be available. Examines the social and economic effects of the crisis, the legislative responses and other state interventions, and considers what can be done to improve regulation of the insurance industry. Recently employing sophisticated modeling techniques, at their most fundamental the reforms are no more complex than ensuring that capital held is more closely aligned to the risks of the business that insurance companies write. They are a critical component of the reform package but in isolation they do not constitute the future of insurance regulation.